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UnitedHealth Group (NYSE:UNH) reported better-than-expected Q3 results and raised its full-year profit guidance.
The healthcare company reported Q3 EPS of $5.79 on revenue of $80.9 billion to beat the consensus of $5.43 on revenue of $80.52 billion. The company’s biggest segment – the UnitedHealthcare sector – saw its revenue rise 11% YoY to $62 billion. Overall, revenue jumped 12%.
UnitedHealth reported an operating cost ratio of 14.4% while analysts were looking for 14.6%. The revenue backlog soared by $1.8 billion over the year-ago period to $24.1 billion.
The company also boosted its full-year EPS forecast to a $21.85-$22.05 range, up from $21.40 to $21.90, and higher than the consensus of $21.87.
“Growth in the third quarter was driven by continued expansion in the number of people served throughout UnitedHealthcare and in the value-based care initiatives at Optum Health,” the company said.
UNH shares are trading modestly higher in pre-market Friday.
